Broadstone Net Lease (BNL) director receives 4,987-share restricted stock award

Rhea-AI Filing Summary

Watters James H reported acquisition or exercise transactions in this Form 4 filing.

Broadstone Net Lease, Inc. reported that director James H. Watters received an equity grant of 4,987 shares of restricted common stock on May 1, 2026 under the company’s non-employee director compensation policy and 2020 Omnibus Equity Incentive Plan. These restricted shares vest in full on the earlier of May 1, 2027 or the date of the next annual meeting of stockholders, provided that the next annual meeting of stockholders is at least 50 weeks after the date of the Issuer's 2027 annual meeting of stockholders. Following this award, Watters directly holds 127,349 shares of common stock, including the 4,987 unvested restricted shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Watters James H

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,987	$0.00	--

Holdings After Transaction: Common Stock — 127,349 shares (Direct, null)

Footnotes (1)

1. On May 1, 2026, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person an equity award consisting of 4,987 shares of restricted stock pursuant to the Issuer's non-employee director compensation policy (the "Policy") and 2020 Omnibus Equity Incentive Plan. Such shares of restricted stock will vest in full on the earlier of (i) May 1, 2027; and (ii) the date of the Issuer's next annual meeting of stockholders, provided that the next annual meeting of stockholders is at least 50 weeks after the date of the Issuer's 2027 annual meeting of stockholders. This amount includes 4,987 shares of unvested restricted stock.

Key Figures

Restricted stock grant: 4,987 shares Transaction price per share: $0.0000 per share Total shares after transaction: 127,349 shares +2 more

5 metrics

Restricted stock grant 4,987 shares Equity award to director on May 1, 2026

Transaction price per share $0.0000 per share Compensation grant, not open-market purchase

Total shares after transaction 127,349 shares Direct holdings following the award

Vesting date trigger May 1, 2027 Earlier of this date or next qualifying annual meeting

Unvested restricted shares included 4,987 shares Portion of total holdings that are still unvested

Key Terms

restricted stock, non-employee director compensation policy, 2020 Omnibus Equity Incentive Plan, unvested restricted stock

4 terms

restricted stock financial

"an equity award consisting of 4,987 shares of restricted stock pursuant to the Issuer's non-employee director compensation policy"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

non-employee director compensation policy financial

"pursuant to the Issuer's non-employee director compensation policy (the "Policy") and 2020 Omnibus Equity Incentive Plan"

2020 Omnibus Equity Incentive Plan financial

"pursuant to the Issuer's non-employee director compensation policy (the "Policy") and 2020 Omnibus Equity Incentive Plan"

unvested restricted stock financial

"This amount includes 4,987 shares of unvested restricted stock."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Watters James H

(Last) (First) (Middle)

207 HIGH POINT DRIVE, SUITE 300

(Street)

VICTOR NEW YORK 14564

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Broadstone Net Lease, Inc. [ BNL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/01/2026		A		4,987(1)	A	$0	127,349(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On May 1, 2026, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person an equity award consisting of 4,987 shares of restricted stock pursuant to the Issuer's non-employee director compensation policy (the "Policy") and 2020 Omnibus Equity Incentive Plan. Such shares of restricted stock will vest in full on the earlier of (i) May 1, 2027; and (ii) the date of the Issuer's next annual meeting of stockholders, provided that the next annual meeting of stockholders is at least 50 weeks after the date of the Issuer's 2027 annual meeting of stockholders.

2. This amount includes 4,987 shares of unvested restricted stock.

Remarks:

	/s/ John D. Callan, Jr., as Attorney-in-Fact	05/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Broadstone Net Lease (BNL) report for James H. Watters?

Broadstone Net Lease reported that director James H. Watters received a grant of 4,987 shares of restricted common stock on May 1, 2026. The award was made under the company’s non-employee director compensation policy and 2020 Omnibus Equity Incentive Plan.

How many Broadstone Net Lease (BNL) shares did James H. Watters acquire and at what price?

James H. Watters acquired 4,987 shares of Broadstone Net Lease common stock as a restricted stock award. The Form 4 lists the transaction price per share as $0.0000, reflecting that this was a compensation grant rather than an open-market purchase.

When do James H. Watters’ 4,987 restricted Broadstone Net Lease (BNL) shares vest?

The 4,987 restricted shares granted to James H. Watters vest in full on the earlier of May 1, 2027 or the date of Broadstone Net Lease’s next annual meeting of stockholders, if that meeting occurs at least 50 weeks after the 2027 annual meeting.

How many Broadstone Net Lease (BNL) shares does James H. Watters own after this Form 4 transaction?

After the reported grant, James H. Watters directly holds a total of 127,349 shares of Broadstone Net Lease common stock. This total includes the 4,987 shares of unvested restricted stock from the May 1, 2026 equity award.

Is the Broadstone Net Lease (BNL) Form 4 for James H. Watters an open-market trade?

No, the Form 4 reflects a compensation-related grant, not an open-market trade. The filing describes a grant of 4,987 restricted shares under the non-employee director compensation policy and 2020 Omnibus Equity Incentive Plan, with a stated transaction price of $0.0000 per share.

What plan governs James H. Watters’ restricted stock grant from Broadstone Net Lease (BNL)?

The restricted stock grant to James H. Watters is issued under Broadstone Net Lease’s non-employee director compensation policy and its 2020 Omnibus Equity Incentive Plan. These governing documents set the terms for director equity awards and related vesting conditions.